[The farm credit economical tool [like in the Voronezh Region and the Russian Federation]]
2008
Makin, G.I. | Khitskov, A.I. | Kovalenko, I.V.
The Russian and Voronezh Region farm credit system (FCS) is examined, based on data since 1993. The FCS importance for farming sustainability and effectiveness is evaluated. The guidelines of non-banking credit sector development have been suggested. FCS incorporates credit lenders and receivers (farms, banks, insurance companies etc.) and a credit economical tool, i.e. investment project estimation, credit contract design, risk insurance, credit, resource accumulation etc. Russia's FCS dates back to bills release in the 12th century. FCS became available for rural population in 1803. At present Rosselkhozbunk Inc. (Russian Agricultural Bank) is the principal body in FCS structure. Its own capital accounted for 21 bln. roubles in 2007. Rosselkhozbunk's share to the total amount of farm credits is 40 percent. Other banks are also involved in crediting farms. The Voronezh region's agriculture received 12-15 percent of the total amount of credits, lent to the regional economy in 2003-2007. Thereby, the share of long term credits has increased. Most credits were lent on the security of machinery and equipment. In the framework of the national project Agrifood Sector Development, there have been established 22 farm consumer cooperatives. Their total sharehold fund accounts for 19.5 mln. roubles. Budgeting should be used for planning farm's demand for credit. Non-banking sector is suggested for FCS availability expansion
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